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What amount should be reported as prepaid rent

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Problem - On July 1, 2015 Walton Company leased office premises for a three-year period at an annual rental of P360,000 payable on July 1 each year. The first rent payment was made July 1, 2015. Additionally on July 1, 2015 the entity paid P240,000 as a lease bonus to obtain a three year lease instead of the lessor's usual term of six years. On December 31, 2015, what amount should be reported as prepaid rent?

Reference no: EM132783039

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